After issuing guidance that fell short of expectations and news its CEO left, it looks like most of the negativity has been priced into Snowflake (SNOW).
Helping, insiders are buying the dip. Company director Mark McLaughlin just paid $501,300 on March 6 for 3,030 Snowflake shares, an average price of $165.45 each. New CEO Sridhar Ramaswamy also just bought $5 million worth of the SNOW stock, too.
Better, according to the new CEO, “There’s no AI strategy without a data strategy. And this has opened a massive opportunity for Snowflake to address,” as noted in the company’s most recent quarterly call.
Plus, analysts at Guggenheim upgraded SNOW to neutral from sell, citing the company’s “attractive” near-term setup.